Budget cuts expected to slow down processing of foreclosures in Palm Beach County
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Former President of the Realtors Association of the Palm Beaches, Bill Richardson, says the foreclosure process can take years.
"Foreclosure is not a noun, it's a verb, it's a process," Richardson said.
The process can also wreak havoc on a person's credit.
"If you're going to be evicted out of your property, your credit is really going to be damaged severely, it's not really the best option," he explained.
"The lender at some point will file what's called a list penance, and that's their notice of intent to foreclose. And that process, in Palm Beach County, can go on for years."
As with any important financial decision that affects your future, consult with experts. Richardson suggests every homeowner seek the guidance of a trusted real estate agent before taking steps towards any important change.
Foreclosure Information and Resources
The Legal Aid Society of Palm Beach County, Inc. created a Foreclosure Information and Resources guide to help explain the foreclosure process.
You can download the guide by clicking on the image below:
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